Adam has $1000 in his bank account.
The bank pays him an annual interest of 7%.
He does not deposit any more money.
- What is the interest after a year?
- How much will he have in his bank account after a year?
(a)
Interest after a year
= 7% x 1000
=
7100 x 1000
= $70
(b)
Amount that he will have in his bank account after a year
= 1000 + 70
= $1070
Answer(s): (a) $70; (b) $1070